Dear Sonki: Yes, ML offers a program called Unlimited Advantage. I saw it advertised at their web site last year and when I could not find the URL to send you right now, gave ML a call. Here is what the fellow said:
There is a minimum yearly charge of $1,500 for an Unlimited Advantage Account though which one gets unlimited trades for a year. The actual yearly charge is tiered to one's assets in the account. For the first million, it's 1% then the percentage goes down.
These accounts have to be opened at a ML branch but after that, all trading can be done on line (should a person so desire) except for the trading of options. For trading options, one must still call the broker.
I double checked to make sure the fee included trading options and the fellow said, "Yes, the fee covers all kinds of purchases and sales someone does; nothing is excluded."
For ML's new, $29.95/trade Merrill Lynch Direct accounts, the one I provided the URL for, options can not be traded at this time. From the FAQ:
"Can I trade stock options?
No. Stock option trading is not currently available
through Merrill Lynch Direct."
mldirect.ml.com
I do, however, expect this to change. ML just started offering online accounts in December and did not advertise them until recently. When I say didn't advertise, I mean there was not even a mention of these accounts at ML's regular site! I only found out about them calling about something else and making a comment about ML falling behind the times--at which point the woman told me about their new, unadvertised accounts.
As the fellow told me when I opened my online account, ML Direct will be expanding it's online offerings this year. Options trading is something he said I could do before the end of the year [I don't understand so I don't do options].
BTW, I should have asked what kind of servers ML was using. Nuts! But I'll remember to ask the next time I call ;>
Have a nice Easter, Sonki.
Best regards,
Lynn
Disclaimer: I do not hold any shares of MER. I am merely a very satisfied client. |
